Swiss Q2 GDP Growth Below Estimates

Swiss economy advanced 0.3 percent on quarter in the June quarter of 2017, following a downwardly revised 0.1 percent growth in the previous period while market estimated a a 0.5 percent growth. Expansion was mainly supported by domestic demand while investment growth slowed and net trade contributed negatively to the GDP.

In the three months to June, household consumption rose 0.2 percent, slightly faster than a 0.1 percent increase in the previous quarter. Spending went up particularly for health care, housing and energy as well as restaurants and hotels. Meantime, consumption fell for: clothing and footwear as well as furniture and interior equipment.

Government spending increased by 0.3 percent, following a 0.2 percent rise in the prior quarter.

Investment in equipment and software gained 0.3 percent, much slower than a 1.4 percent increase in Q1 while investment in construction expanded by 0.8 percent, after growing 0.2 percent in the previous period.

Exports of goods rose 0.5 percent, slowing sharply from a 5.7 percent rise in the previous quarter, mainly supported by sales of precision instruments, watches and jewelry. On the other hand, exports of services declined by 0.3 percent, after a 9.3 percent drop in the March quarter. Meanwhile, imports jumped by 5.5 percent, swinging from a 0.8 percent fall in the previous period. Purchases increased mainly for chemical and pharmaceutical products.

Year-on-year, the economy also grew by 0.3 percent, slowing sharply from a downwardly revised 0.6 percent expansion in the prior quarter and missing estimates of a 1.1 percent growth. It was the weakest yearly figure since the December quarter 2009.

Seco l Rida Husna | rida@tradingeconomics.com9/5/2017 4:26:14 PM

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